I mean, Sony has shown us their stuff. When has Bethseda every really stolen the show? I mean, Microsoft's crown jewel is YEARS away based on what we've heard and seen. And Microsoft doesn't exactly have many other big hitters. We know what Capcom is working on, we may actually see some of the more vague stuff, but nothing to set the world on fire.
And don't underestimate the 40 minute direct. Nintendo knows how to do their directs. They don't have the filler upon filler the bigger presentations have. Most will be 5 minute chunks. The big game may, MAY get 10. But I doubt it. They aren't going to show a lot of BOTW 2 because I highly doubt that that game is making 2021.
I mean, Treehouse Live is much more difficult to arrange without the central show of E3 with most of the developers already there to sell their games to the media. Having a ton of people fly to Richmond for an hour long segment is not exactly financially feasable, or appealing to 3rd parties.